Market price is the true standard for testing everything.

In this round of market, nothing can hold up forever. Even the privacy sector, which was pushing against the trend, can no longer sustain.

Take Canton as an example—raised 100 million USD in funding, backed by an additional 500 million DAT, with strong resources and background. But what happened? It still fell or continues to fall.

What does this indicate? The market has become numb to various narratives and is no longer buying into them.

During a bull market, any concept can be hyped up easily. But now, things are different. Capital has become cautious, and retail investors have become smarter. Stories and endorsements alone can no longer support the coin prices. Technical analysis, capital flow, and market sentiment—none can be neglected.

The privacy track was originally a good story, with tightening regulations and user demand still present. But the unfavorable macro environment has taken a toll, and even the best tracks suffer. Without capital inflow, all narratives are just empty talk.